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Momentum Backed Rally

EUROSTOXX50 TECHS
  • RES 4: 3630.53 0.618 proj of Mar 16 - Jul 21 rally from Oct 29 low
  • RES 3: 3498.07 76.4% retracement of the Feb - Mar sell-off
  • RES 2: 3451.16 High Jul 21 and the bull trigger
  • RES 1: 3439.60 Intraday high
  • PRICE: 3424.51 @ 14:14 GMT Nov 9
  • SUP 1: 3396.02 High Sep 3
  • SUP 2: 3315.03 Former channel top drawn off the Jul 21 high
  • SUP 3: 3305.77 High Oct 12
  • SUP 4: 3217.40 Intraday low

EUROSTOXX 50 gains has brought the Jul 21 high of 3451.16 within reach. The strong momentum behind today's move suggests a test of this level is likely near-term. Clearance of this resistance would confirm a resumption of the broader recovery since Mar. The first objective and a key resistance would be 3498.07, 76.4% of the Feb - Mar sell-off. Clearance of this retracement would expose 3600.00 further out. 3396.02 is first support.

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